S H Kelkar’s IPO fully subscribed

HNI category has got 1.14 times subscribed and the retail quota was subscribed 42%

SH Kelkar & Company has received full subscription from its Rs 500-crore Initial Public Offering (IPO), which closes on Friday. IPO is the act of selling shares in a company for the first time.

SH Kelkar Listing Date: The Mumbai-based firm has so far received 22.3 million bids for the 20.2-million shares on offer in the IPO. The qualified institutional buyer category quota got subscribed 2.25 times. Wealthy or high net worth individual quota was subscribed 1.14 times. The retail quota was subscribed 42 per cent.

SH Kelkar Allotment Date: SH Kelkar has set a price band of Rs 173-180 apiece for its IPO. On Tuesday, the company had raised Rs 150 crore from 13 anchor investors, including T Rowe Price, ICICI Prudential Mutual Fund, and Axis Mutual Fund.

 

S H Kelkar's IPO fully subscribed
S H Kelkar’s IPO fully subscribed

Mumbai-based fragrance manufacturer SH Kelkar’s Initial Public Offering (IPO) was subscribed 42 per cent on day one, on Wednesday. The 20.2-million share offering has so far received 8.4 million bids. SH Kelhar is looking to raise a little over  Rs 500 crore from its IPO, to close on Friday. The company has priced its IPOin the range of Rs 173 to Rs 180 per share.

JM Financial, Kotak Mahindra Capital, and Keynote Capital are handling the IPO.

Article Source: Business Standard

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IndiGo IPO flies mostly on global wings

70% of bids from foreign investors; share offering lapped up six times; retail quota under-subscribed

Pankaj Madan, CFO, Aditya Ghosh, President and Whole-time Director, InterGlobe Aviation Limited, Aditya Ghosh, President and Executive Director of InterGlobe Aviation Limited and Sanjay Kumar, Chief Commercial Officer, InterGlobe Aviation Limited
Pankaj Madan, CFO, Aditya Ghosh, President and Whole-time Director, InterGlobe Aviation Limited, Aditya Ghosh, President and Executive Director of InterGlobe Aviation Limited and Sanjay Kumar, Chief Commercial Officer, InterGlobe Aviation Limited

 

The Rs 3,000-crore initial public offering (IPO) of InterGlobe Aviation, which runs IndiGo, sailed through without any turbulence, with foreign investors on board. It was subscribed a little over six times. The 30-million share offering saw nearly 185 million bids, worth about Rs 14,000 crore. About 70 per cent of the offering, or 127 million bids, came from foreign institutional investors (FIIs).

 

IndiGo Listing Date: Global investors scrambled to buy InterGlobe shares, hoping India’s air travel penetration would increase through the next few years. As of now, the penetration level is only 0.08 annual domestic seats per capita, against penetration rates of 0.35-0.6 in other developing markets such as Brazil, Turkey, Indonesia and China, according to Angel Broking.

IndiGo Allotment Date: IndiGo operates in the lucrative low-cost carrier (LCC) segment. On listing, the airline would be one of the world’s leading LCCs in terms of market value.

The qualified institutional buyer segment, which includes institutional investors such as FIIs, mutual funds and insurance companies, was subscribed 17.8 times. The non-institutional investor category was subscribed 3.6 times.

IndiGo IPO flies mostly on global wings The retail investor category — those investing less than Rs 2 lakh — was subscribed only 92 per cent. Around 45 per cent of the IPO was reserved for retail investors, while seven per cent of the issue was reserved for InterGlobe employees.

Despite a 10 per cent discount on offer, the employee quota was subscribed nearly 13 per cent. The undersubscribed shares meant for the retail category, as well as employees, will be distributed among other investor segments, which saw high subscription.

Experts said the retail investor portion received a lukewarm response, owing to concern over valuations. Most domestic brokerages had termed the IPO pricing expensive; grey market activity, too, suggested marginal listing day gains.

For the IPO, InterGlobe had set a price band of Rs 700-765 a share. Given the heavy demand, the IPO is likely to be priced at the top end of the band. That will value the company at about Rs 27,500 crore. At Rs 765 a share, InterGlobe’s market value will be six times that of Jet Airways and 10 times that of SpiceJet.

 

Though most analysts had hailed IndiGo’s operational efficiencies, they felt the pricing had left little on the table for investors. “While we appreciate Indigo’s efficient operations and management capability to deliver profitable growth in a sector where few have succeeded globally, we find valuations expensive. At 10.2 times the FY15 EV (enterprise value)/Ebitdar (earnings before interest, tax, depreciation, amortisation and rent), at the higher end of the peer sector range, the proposed issue price fully factors profits on aircraft trading and lower than the sector’s aircraft maintenance costs in perpetuity, plus the benefits of lower crude prices and mid-teen volume growth through the next 10 years,” domestic brokerage house Ambit had said in a report.

“Foreign investors that applied in IndiGo have a record in being invested in other LCCs like RyanAir, Air Asia and others. So, they had a greater level of confidence, while for domestic investors, this offering was a first of its kind. That’s why it was more FII-led. Still a deal of this size has seen good demand from most investors,” V Jayasankar,  head of equity capital markets, Kotak Investment Banking.

Investment bankers handling the IPO had said marquee global investors made big-ticket applications. According to reports, famed investor Rakesh Jhunjhunwala invested a significant sum. Business Standard couldn’t confirm this independently.

Citigroup Global Markets, JP Morgan, Morgan Stanley, Barclays Bank, Kotak Mahindra, UBS Securities were the investment banks that handled the IPO.

 

Article Source: Business Standard

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IndiGo IPO: A robust business model but no discount in Indigo  Airline IPO price

India’s largest airline company, InterGlobe Aviation, which operates IndiGo, is seeking to raise about Rs 3,000 crore from its initial public offering (Indigo IPO). While about Rs 1,800 crore of this is an offer for sale, going to the existing shareholders, the rest is a fresh issue. At Rs 765, upper end of the band, the company is looking at a valuation of Rs 27,500 crore. The two listed aviation players, Jet Airways and SpiceJet, have a combined market cap about a fourth of this number.

IndiGo IPO: A robust business model but no discount in Indigo  Airline IPO price.
IndiGo IPO: A robust business model but no discount in Indigo Airline IPO price.

 

Why IndiGo is asking for a higher valuation is due to a consistent record of superior operational performance, across parameters. The key differential is, of course, the way it manages costs. Costs per available seat km (CASK, measured in US cents) at 5.95 is much lower than SpiceJet’s 6.68 and Jet Airways’ 9.05. Excluding fuel, the single biggest cost item, its CASK at 2.87 cents is lower than GoAir and SpiceJet, the other low-cost carriers. A single aircraft type, low distribution costs and a younger fleet have helped keep down costs on operations and maintenance. Its decision to order 100 A320s in 2005 helped it negotiate favourable terms, analysts say. The sale-and-lease back arrangement helped it gain about Rs 3,500 crore.

 

IndiGo Airline IPO: A robust business model but no discount in IPO price Coupled with the fleet expansion and strong passenger volumes, the low CASK has helped it grow faster than the market. IndiGo’s market share has increased from 14.5 per cent in FY10 to about 36 per cent with passenger volumes increasing 26 per cent. Higher volumes and load factors, along with growing revenue per passenger, has translated to 40 per cent annual growth in domestic revenues over FY10-15, while earnings before interest, taxes, depreciation, amortisation and rentals (Ebitdar) have grown 25 per cent. The company has also benefited due to the multiple challenges faced by competition (management change, high cost structure, lack of pricing discipline, etc.), which helped IndiGo move ahead.

A few favourable tailwinds will benefit the entire sector going ahead. The first is passenger volumes. The sector has been growing at about 12 per cent annually and analysts say demand would be 1.2-1.5 times gross domestic product growth which should help all players. Especially IndiGo, given its fleet strength and the fact that it is growing faster than the market. Growth in recent months has been a strong 20 per cent for the sector, with IndiGo outperforming peers. The other positive for the company is cheaper fuel costs which should boost its profits.

 

In FY15, the company made Ebitdar margins of 27 per cent and net margins of nine per cent as compared to 20 per cent and four per cent in FY14. Ebitdar margins, given lower fuel costs, spurted to 37 per cent in the June quarter, with net margins at 15 per cent enabling the company to report a net profit of Rs 640 crore. While the September quarter and the March quarter are not the best quarters of the year, analysts believe the company should be able to close the year at about Rs 2,400 crore in net profits.

 

The listed players far lag IndiGo and have a patchy net profit record; so, a comparison with the better global performers is in order. Low cost European and American carriers have their enterprise value/Ebitdar ranging between seven and eight times. While the company deserves a higher multiple given that the Indian market is growing faster, the IndiGo IPO, at about 7.6 times its FY16 EV/Ebitdar estimates, is slightly on the expensive side. Analysts say the company should have left something on the table for investors.

Article Source: Business Standard

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Indigo Airlines said to launch Rs 2,500-cr IPO price in June quarter: report

The low-cost carrier, India’s largest by market share, is reported to be working on a public listing in the first quarter of FY2015-16

Low-cost carrier Indigo Airlines is preparing for a public listing in the April-June 2015 quarter to raise about Rs 2,500 crore, the Times of India newspaper reported Wednesday.

Indigo Ipo date: The airline, which is India’s largest by market share, has consistently reported profits, is also expected to be profitable in the fiscal year ending March 2015.

Indigo Ipo: Indian commercial airlines have also had a reprieve of late due to all-time lows in crude prices, enabling them to save significantly on aviation fuel costs, which is the single largest operational expense. Some of the fuel savings, however, have been offset by heavily discounted tickets offered by airlines to try and increase passenger load and market share.

Indigo Airlines said to launch Rs 2,500-cr IPO price in June quarter: report
Indigo Airlines said to launch Rs 2,500-cr IPO price in June quarter: report

However, private airlines Jet Airways and SpiceJet, both of which are listed, continue to bleed money, while debt-addled Kingfisher Airlines has closed operations for close to three years now, with no signs of resuscitation by either promoter Vijay Mallya or any new investors.

indigo airlines ipo price: The operator of top Indian airline IndiGo has set the indicative price band for its initial public offering of shares at between 700 rupees ($10.83)and 765 rupees ($11.83) apiece, three sources directly involved in the transaction said.

Indian markets have been on a rise since late last year, with the BSE Sensex breaching the 29,000 mark, driven largely by expectations of reforms from the Narendra Modi-led government and two surprise interest rate cuts by the Reserve Bank of India.

Indigo has been preparing for the IPO since last year when it restructured its shareholding to become eligible for foreign direct investment (FDI), the newspaper reported.

 

Article Source: Business Standard

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Whirlpool India: Huge stocks, better realisation push up Whirlpool’s yearly profit 71%.

Whirlpool of India Ltd, the Indian subsidiary of the global appliances major, has posted Rs 55.3 crore net profit due to better realisation from its inventories in the quarter ended 31st March, 2015. During the period, the company’s net earnings surged 55% from Rs 36 crore same period last year. In the quarter, Whirlpool’s net sales grew 18% to Rs 748 crore from Rs 637 crore on a year on year basis.

Commenting on the result, Arvind Uppal, Chairman, Whirlpool of India Limited and President Asia Pacific, Whirlpool Corporation said, “We delivered strong resultsin the fouth quarter driven by both top line growth and moderation in input costs.

Whirlpool India: Huge stocks, better realisation push up Whirlpool's yearly profit 71%
Whirlpool India: Huge stocks, better realisation push up Whirlpool’s yearly profit 71%

Whirlpool India Share Price – During 2014-15, Whirlpool’s net profit surged 71% to Rs 211 crore from Rs 123 crore in the previous financial year. On a yearly basis, the company’s revenue grew 16% to Rs 3,167 crore from Rs 2,726 crore. In 2014-15, while Whirlpool’s raw material costs shoot up by 20%, higher realisation from its inventory stocks from the previous year helped the company keep its total expenses at a 13% higher level.

Since the beginning the current financial year lower temperature across the country has subdued the sales of home appliances. However”, Uppal seems optimistic. “The impact of unseasonal weather conditions is likely to moderate demand in semi-urban and rural areas, but we remain optimistic that growth will accelerate in the second half of the year, he said.

At the end of yesterday, the home appliances major’s stocks surged 2.26% to Rs 734.4 in BSE. Bombay Stock exchange’s benchmark 30-share index grew 0.69% to 27,837.21 points at the closing of the day.

 

Article Source- Business Standard

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Amtek Auto Ltd : Company Overview

Amtek Auto Ltd is one of the largest integrated automotive component manufacturers in India with a strong global presence. The company has world class facilities in India, Europe and North America. They have significant expertise in forging, grey and ductile iron casting, gravity and high-pressure aluminum die casting and machining and sub-assembly. They also manufacture components for non-auto sectors such as the railways, specialty vehicles, aerospace, agricultural and heavy earth moving equipment. The company is headquartered in New Delhi.

The company operates in one segment, which includes Automotive Components. The company’s products and services include connecting rods assly/ piston assly, case component assemblies and forging. Their forging division has facilities in Maharashtra, Norther Capital Region and Madhya Pradesh. Automotive Machining Divison has facilities in Rajasthan, Uttrakhand, Maharashtra, Missouri and Witham.

Amtek Auto Ltd was incorporated in the year 1988. In the year 1993, the company initiated forging operations at Gurgaon, India. In the year 1996, they established a Machining unit at Gurgaon. In the year 1997, the company made a joint venture (JV) agreement with Benda Kogyo Japan and formed Benda Amtek Ltd at Gurgaon for manufacturing Flywheel Ring Gears.

In the year 1999, they entered into a joint venture with Ateliers de Siccardi and formed Amtek Siccardi at Manesar for manufacturing Crankshaft. In the year 2001, the company acquired auto component manufacturing firm, Wesman Halverscheidt Forgings. Also, they took over the Indsil Auto components Coimbatore (India) Ltd, a fully automated foundry with machining facilities.

In the year 2002, the company established an Iron Casting facility at Bhiwadi. They acquired 14.8% of stake in Ahmednagar Forgings for the total consideration of Rs 50 crore. In the year 2003, they further acquired 16,00,000 shares representing 20% of the voting capital in Ahmednagar Forgings Ltd by the price of Rs.34.50 per share. In July 2005, the company acquired the 70% of stake in Zelter GmbH.

In the year 2006, the company signed a strategically important 50:50 joint venture with a large Canadian blue chip Magna Power train for establishing a manufacturing facility outside Delhi, India with the aim of 2-Piece Flex Plate assemblies for automotive applications. Also, they set up a new machining facility at Dharuhera (India). They made a joint venture with Magna Powertrain for manufacturing Fractured Connecting Rod Modules and formed the company in the name of MPT Magna India Ltd.

In the year 2006, the company initiated the large scale Aluminum High Pressure Die Casting facility at Ranjangaon, Pune. In the year 2007, they established one manufacturing facility at Sanaswadi, Pune (India) for Forging, Casting and Machining.

During the year 2007-08, the company expanded their capacity of manufacturing of machined auto components from 280 lacs unit p.a. to 300 lacs unit p.a. and forging capacity from 115000 tpa to 135000 tpa. In November 2007, the company acquired one of the largest automotive precision machining companies, Triplex- Ketlon Group, which was also Amtek’s strongest competitor running close to 185 different machining lines and a multi-location presence in the UK.

In February 2008, the company signed a strategically important JV agreement with the leading American Railcar Manufacturer, American Railcar Industries, Inc. based in St. Charles, Missouri. In August 2008, the company signed a JV agreement with Form Tech Industries LLC based in Royal Oak, Michigan; to set up a state of the art manufacturing facility for manufacturing Hatebur Hot Forgings for automotive applications in India and Europe. Amtek and FormTech will take 51% & 49% stake respectively.

During the year 2008-09, the company expanded their capacity of manufacturing of machined auto components from 300 lakh unit p.a. to 305 lakh unit p.a. and aluminum casting capacity from 20,000 tpa to 30,000 tpa. Also, the company signed a strategically important JV agreement with the leading Japanese Steel Manufacturer, Sumitomo Metal Industries Limited, based in Tokyo, Japan for Production and sale of forged crankshafts for automotive applications in India. In this Joint Venture, Amtek’s stake is 50% and the rest 50% is shared by Sumitomo Metals (40%) and Sumitomo Corporation (10%).

During the year 2009-10, the company expanded their capacity of manufacturing of machined auto components from 305 lakh unit p.a. to 330 lakh unit p.a. and forgings capacity from 135,000 tpa to 165,000 tpa. In May 28, 2010, the company entered into a share purchase agreement with the existing promoters of Amtek India Ltd to acquire an aggregate of 50,720,710 fully paid up equity shares of face value of Rs 2 each representing 36.66% of the total paid up equity share capital of Amtek India Ltd.

In February 2011, Amtek Defence Technologies Ltd, a group company, entered into a joint venture agreement with Enertec Management Ltd, an Israeli corporation (the holding company of Enertec Systems 2001 Ltd) with the objective of developing and manufacturing the advanced electronic systems, test systems, simulators and electronic systems for military applications.
In March 2011, Amtek India Ltd became the subsidiary of the company as the company’s holding in Amtek India Ltd increased to 56.65%. In June 2011, the company acquired 6,900,015 equity share of Amtek India Ltd in the open market representing 4.98% of the voting right of the company. Consequently, the company’s holdings in Amtek India Ltd increased to 61.64%.

Article source: http://www.business-standard.com/company/amtek-auto-1255/information/company-history